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Home | News | Secondary Market (page 20)

New York Fed Says Conservatorships Accomplished Three of Five Objectives

The conservatorships were required by law to put Fannie Mae and Freddie Mac in a “sound and solvent condition” but this focus at times conflicted with other public policy objectives, such as the aggressive enforcement of the GSEs of “representations and warranties” whereby the firms “put back” large volumes of defaulted mortgages to their originators, according to the authors.

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